First Time Buyers

Frankie81

Hello,

Me and my partner would really like to get our first mortgage this year but unfortunately we are unable to get a 10% deposit together but can get a 5% deposit, are there any decent 5% mortgage deals around? Other than the Lloyd's one recently announced as unfortunately my family don't have masses of savings to put into one of their accounts! Be grateful for any advice as to whether we have any hope this or not. Thanks.

System

You'll need to save some more I'm afraid.

Cloister

I think at the moment there really is only a 10% minimum for most lenders.

Have you thought about any of the Government First Time buyer initiatives like ownhome or homebuy?

I'll link someinfo so you can look and see what you think.

http://www.orbithomebuyagents.co.uk/main.cfm?type=FTBI

http://www.ownhome.co.uk/servlet/Satellite?cid=1213946567253&pagename=CFScombi/Page/CFSCtplBlank

cocojo

My partner and I had a 15% deposit thinking we were in a good position but found that we had to raise it to 20% in order to get any kind of a decent rate (also didn't help that we were buying a new build). You may find lenders willing to help you but you will find that the interest rates are insane! It is frustrating having to wait but seriously, you would be better off waiting until you save a higher deposit so that you don't get ripped off by high interest.

Frankie81

Thanks for all your advice, better just keep saving or hopefully win the lottery!